MINSK, 22 August (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) and Russia’s Tomsk Oblast Chamber of Commerce and Industry have signed an agreement on cooperation in exchange trade during a visit of the BUCE delegation to Tomsk for a seminar on the use of exchange instruments in foreign trade transactions between Belarusian businesses and Russia's Tomsk Oblast, the BUCE press service told BelTA.
The agreement outlines key interaction venues, priority tasks and areas of responsibility of the parties. In addition to information exchange and joint online and offline events for the businesses of Tomsk Oblast, BUCE and Tomsk Oblast Chamber of Commerce and Industry intend to join efforts to attract Tomsk manufacturers to the Belarusian exchange platform. The primary focus will be on SMEs producing goods in demand on the Belarusian market. These are primarily non-ferrous metal, chemical industry and electrical products.
It is expected that the increased presence of Tomsk Oblast industrial enterprises on BUCE will not only have a positive impact on the dynamics of Belarus' trade with this Russian region but will also simplify mutual trade through direct contacts between producers and consumers. It will also provide new opportunities for deepening industrial cooperation and interaction in import substitution.
Currently, BUCE-accredited companies from Tomsk Oblast participate in exchange trades solely as buyers of timber. In this regard, another promising avenue for the development of bilateral exchange trade will be the expansion of Belarusian exports, including milk powder, butter, amino acids and meat.
The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004, with its first trading session conducted in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.
The agreement outlines key interaction venues, priority tasks and areas of responsibility of the parties. In addition to information exchange and joint online and offline events for the businesses of Tomsk Oblast, BUCE and Tomsk Oblast Chamber of Commerce and Industry intend to join efforts to attract Tomsk manufacturers to the Belarusian exchange platform. The primary focus will be on SMEs producing goods in demand on the Belarusian market. These are primarily non-ferrous metal, chemical industry and electrical products.
It is expected that the increased presence of Tomsk Oblast industrial enterprises on BUCE will not only have a positive impact on the dynamics of Belarus' trade with this Russian region but will also simplify mutual trade through direct contacts between producers and consumers. It will also provide new opportunities for deepening industrial cooperation and interaction in import substitution.
Currently, BUCE-accredited companies from Tomsk Oblast participate in exchange trades solely as buyers of timber. In this regard, another promising avenue for the development of bilateral exchange trade will be the expansion of Belarusian exports, including milk powder, butter, amino acids and meat.
The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004, with its first trading session conducted in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.
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